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Different Types Of Personal Loans; Loans For Every Situation

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A personal loan can aid in the smoothing of your finances and help you get through a difficult period. Personal loans range in size from a few hundred dollars to thousands of dollars, depending on the lender. You typically have one to five years to repay your loan, while long-term loans are available if you require more time. Unlike a home or auto loan, a personal loan does not require you to spend the cash for a specific reason. The following are a few of the most common sorts of personal loans that can be put to good use:

 

Wedding Loans

Wedding Loans

This loan is intended to assist couples and families in dealing with the financial stress of planning a wedding. It can be used to cover key wedding expenses such as the venue, guest accommodations, jewellery, food, and decoration. During peak wedding season, interest rates for these loans are usually higher than during the off season. The Personal Loan product will help you finance your dream wedding. It's intended to be a one-stop shop for all of your financial demands and issues.

Home Renovation
 

Home Renovation

Do you want to rebuild your kitchen, replace your old furniture around the house, or perhaps spruce up your patio?

Renovations to a home can be expensive, especially if the modifications are significant. Not everyone has the cash on hand to complete a renovation when they want to, so a Home Renovation Loan is a simple alternative. You can get a Personal Loan for Home Renovation from HDFC Bank and give your house the makeover it deserves. You will not only improve the aesthetic appeal of your property, but you will also increase the value of your home for future sale.

Vacation loan

Vacation loan

You can take out a travel loan to support your holiday plans without jeopardising your savings and investments. This form of personal borrowing is then referred to as a travel loan. You will be required to present travel documentation in order to qualify for this loan. For example, airline tickets, hotel reservations, passport or visa information for international travel, and so on. With the help of a personal loan, you may take your family on a well-deserved vacation without depleting your funds. Your travel expenses are covered by a personal loan, and the funds can be utilised anywhere and at any time.

You can take out a travel loan to support your holiday plans

Consumer durable loan

Consumer durable loan

Consumer durable loans are also available from banks at no cost EMI. Any consumer durable item, such as a phone, refrigerator, furniture, washing machine, microwave, and so on, can be purchased using this form of loan. The product's cost is divided into EMIs, which can be returned over a set period of time. Some products may require a deposit or a processing fee, while others do not.

Pension loan

Yes, retirees can take out loans worth at least 7 to 10 times their pension to cover any financial emergency. Typically, this loan can only be obtained from the same bank where the pensioner receives his or her pension.

Story first published: Monday, November 22, 2021, 10:56 [IST]
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